Hunter Perkins Capital Management LLC Has $9.35 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Hunter Perkins Capital Management cut its stake in Prosperity Bancshares by 15.7% in Q4 to 134,193 shares, valued at approximately $9.35 million, making it the firm's 12th-largest position.
• Institutional investors now own 80.69% of the company, with large moves including AQR's 175.1% stake increase, Vanguard holding about 10.12 million shares, and Norges Bank taking a new roughly $53.4 million position.
• Prosperity posted $1.46 EPS (beat by $0.01) while revenue fell 5.9% YoY, announced a quarterly dividend of $0.60 (annualized $2.40) for a 3.7% yield, and carries a consensus analyst rating of Hold with a $78.92 target.

Hunter Perkins Capital Management LLC decreased its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 15.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 134,193 shares of the bank's stock after selling 24,954 shares during the quarter. Prosperity Bancshares makes up about 2.2% of Hunter Perkins Capital Management LLC's holdings, making the stock its 12th biggest position. Hunter Perkins Capital Management LLC owned approximately 0.14% of Prosperity Bancshares worth $9,354,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in shares of Prosperity Bancshares by 175.1% in the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after acquiring an additional 1,516,939 shares during the last quarter. Norges Bank acquired a new stake in Prosperity Bancshares during the second quarter valued at $53,398,000. American Century Companies Inc. boosted its position in Prosperity Bancshares by 48.7% during the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank's stock valued at $140,797,000 after purchasing an additional 695,114 shares during the last quarter. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 4.8% in the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank's stock valued at $671,256,000 after purchasing an additional 465,227 shares in the last quarter. Finally, State Street Corp grew its stake in Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank's stock valued at $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $65.37 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock's 50-day moving average is $70.05 and its two-hundred day moving average is $68.60. The firm has a market cap of $6.63 billion, a P/E ratio of 11.41, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm's revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.37 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares's payout ratio is 41.88%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PB. Piper Sandler downgraded Prosperity Bancshares from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Janney Montgomery Scott cut Prosperity Bancshares from a "buy" rating to a "neutral" rating in a research note on Tuesday, February 3rd. Hovde Group increased their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an "outperform" rating in a report on Thursday, January 29th. TD Cowen reaffirmed a "buy" rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of "Hold" and a consensus target price of $78.92.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $66.25, for a total transaction of $33,125.00. Following the transaction, the director owned 79,415 shares in the company, valued at $5,261,243.75. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 13,200 shares of company stock worth $922,415 over the last three months. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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